Indian jewellery firm Malabar Gold & Diamonds is making plans to open 500 more outlets globally over the next five years – and Hong Kong is among the targets.

The jeweller currently operates more than 250 outlets in 10 countries, 75 of which are in the Gulf region, including 12 in Qatar.

The firm’s immediate expansion plans are to open more branches in Malaysia in the coming months, where the group started operations last year.

Malabar Group chairman M P Ahammed said jewellery customers in Malaysia are showing enormous interest in the company’s ornaments and now the brand is gaining remarkably good acceptance in the country.

“As part of our expansion, we are also looking at markets such as Hong Kong where there is increasing activity at present. The Chinese are buying both gold and diamonds in large quantities unlike what they used to, say, some three decades ago.”

Speaking about the state of the business in general, Ahammed said: “From a modest beginning in Kozhikode in 1993, we have now expanded our operations even to the US, where our first outlet was opened earlier this year in Chicago.

“Wherever there are strong family traditions and customs, there is hope for expansion in this business. A husband may want to gift something precious to his wife on a memorable occasion, a mother to his daughter and a son to his mother. No wonder, the choice of everyone in such moments – of strengthening bonds – continues to be gold or diamond.’